The first stimulus package, the CARES Act, came in March. However, it proved insufficient as the coronavirus pandemic is still a big threat to the economy. Thus, there were demands for a second stimulus package, and the wait is almost over now. The next coronavirus stimulus package checks and aid, CARES Act 2, could come as early as next week.
Coronavirus stimulus checks and cash: CARES Act 2 coming next week
On Thursday during a speech on the Senate floor, Senate Majority Leader Mitch McConnell said the next stimulus bill, referred to as the CARES 2, will be introduced next week. Don’t take it as the final bill; rather it would be the proposal from Senate Republicans.
Relying On Old-Fashioned Stock Picking, Lee Ainslie Reports His “Strongest Quarter” Ever
Lee Ainslie's Maverick Fund USA enjoyed its "strongest quarter in the fund's history" during the three months to the end of June. According to a copy of the firm's second-quarter letter to investors, which ValueWalk has been able to review, Maverick Fund USA gained 18% in the second quarter. Following this performance, the fund was Read More
Following negotiations this week, the GOP senators were expected to release the bill on Thursday. McConnell, however, said yesterday that the key senators would unveil it next week. He blamed the White House for the delay, saying they needed more time to review the details of the bill.
“The Senate majority has assembled a framework for CARES 2. The administration has requested additional time to review the fine details, but we will be laying down this proposal early next week. We have an agreement in principle on the shape of this package," McConnell said.
Many Republican senators left the Capitol for the week, saying they haven’t received any update on the timing of the next package. Sen. Mike Braun (R-Ind.) said McConnell told them in a closed-door lunch that the next bill is a "work in progress."
So, it is confirmed that the next coronavirus stimulus package will arrive next week. Exactly when next week, is still uncertain.
Some senators say it will come on Monday, while some are not committing on any day, but are just saying next week. Sen. Deb Fischer (R-Neb) told reporters that the next stimulus package would come on Monday.
CARES Act 2: What will it include?
As to what is known about the Senate’s next stimulus bill, CARES Act 2, it is to focus on three things – kids, jobs, and healthcare. The CARES Act 2 will also include stimulus checks, as well as PPP loans. Further, it is to offer about $100 billion in funding for schools and colleges.
McConnell said the amount (for reopening of schools) is more than what the “House Democrats proposed for a similar fund.”
President Donald Trump and McConnell have been vocal about their desire to re-open schools.
“We need to get Americans back to work and school while continuing to fight for our nation’s health. That is what CARES 2 is designed to do,” McConnell said yesterday.
Teachers across the country, however, are protesting reopening of schools. They are concerned that the schools are not prepared to receive kids amid the coronavirus pandemic. Several schools have already announced extending remote classes into the fall.
Now with CARES 2 including financial incentives to reopen the schools, it remains to be seen what the authorities will decide.